South-Eastern Asia: Hairpin Market 2024

Hairpin Market Size in South-Eastern Asia

The Southeast Asian hairpin market skyrocketed to $X in 2021, growing by 32% against the previous year. In general, consumption posted a strong expansion. The level of consumption peaked in 2021 and is likely to continue growth in the near future.

Hairpin Production in South-Eastern Asia

In value terms, hairpin production declined markedly to $X in 2021 estimated in export price. The total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +57.2% against 2018 indices. The pace of growth was the most pronounced in 2020 with an increase of 48% against the previous year. As a result, production reached the peak level of $X, and then fell dramatically in the following year.

Hairpin Exports

Exports in South-Eastern Asia

In 2021, shipments abroad of hairpins, curling pins, curling grips and hair-curlers decreased by -42.4% to X tons, falling for the seventh year in a row after three years of growth. Overall, exports showed a abrupt setback. The most prominent rate of growth was recorded in 2013 with an increase of 12%. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, hairpin exports skyrocketed to $X in 2021. In general, exports recorded a relatively flat trend pattern. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Thailand dominates exports structure, reaching X tons, which was near 76% of total exports in 2021. Vietnam (X tons) took an 8% share (based on physical terms) of total exports, which put it in second place, followed by the Philippines (5.3%). The following exporters - Lao People's Democratic Republic (X tons) and Malaysia (X tons) - each accounted for an 8.4% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to hairpin exports from Thailand stood at -13.2%. At the same time, Lao People's Democratic Republic (+92.7%) and the Philippines (+8.8%) displayed positive paces of growth. Moreover, Lao People's Democratic Republic emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +92.7% from 2012-2021. By contrast, Vietnam (-7.0%) and Malaysia (-18.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the Philippines, Lao People's Democratic Republic and Vietnam increased by +4.6, +4.3 and +3.3 percentage points, respectively.

In value terms, the Philippines ($X) emerged as the largest hairpin supplier in South-Eastern Asia, comprising 72% of total exports. The second position in the ranking was held by Thailand ($X), with an 18% share of total exports. It was followed by Vietnam, with a 6.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value in the Philippines amounted to +36.5%. In the other countries, the average annual rates were as follows: Thailand (-14.8% per year) and Vietnam (-2.0% per year).

Export Prices by Country

In 2021, the export price in South-Eastern Asia amounted to $X per ton, jumping by 122% against the previous year. Over the period under review, the export price enjoyed a strong increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was the Philippines ($X per ton), while Lao People's Democratic Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+25.4%), while the other leaders experienced more modest paces of growth.

Hairpin Imports

Imports in South-Eastern Asia

In 2021, hairpin imports in South-Eastern Asia soared to X tons, jumping by 53% on 2020 figures. In general, imports enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2018 with an increase of 274% against the previous year. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, hairpin imports soared to $X in 2021. Overall, imports continue to indicate a buoyant expansion. The growth pace was the most rapid in 2018 with an increase of 84% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

Imports by Country

The Philippines was the major importing country with an import of about X tons, which reached 72% of total imports. Thailand (X tons) took the second position in the ranking, distantly followed by Indonesia (X tons). All these countries together held near 22% share of total imports. The following importers - Vietnam (X tons) and Malaysia (X tons) - together made up 5.4% of total imports.

Imports into the Philippines increased at an average annual rate of +26.2% from 2012 to 2021. At the same time, Vietnam (+34.1%) and Indonesia (+8.0%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +34.1% from 2012-2021. By contrast, Malaysia (-1.8%) and Thailand (-2.4%) illustrated a downward trend over the same period. While the share of the Philippines (+47 p.p.) and Vietnam (+2.5 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Indonesia (-2.8 p.p.), Malaysia (-5.1 p.p.) and Thailand (-35.7 p.p.) displayed negative dynamics.

In value terms, the largest hairpin importing markets in South-Eastern Asia were the Philippines ($X), Thailand ($X) and Vietnam ($X), with a combined 73% share of total imports.

The Philippines, with a CAGR of +37.7%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in South-Eastern Asia amounted to $X per ton, shrinking by -14.8% against the previous year. Over the period under review, the import price continues to indicate a pronounced slump. The most prominent rate of growth was recorded in 2020 when the import price increased by 71%. Over the period under review, import prices hit record highs at $X per ton in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Vietnam ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+9.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform